Investments in Equipment and Leases, Net (Tables)

9 Months Ended

Sep. 30, 2016

Investments in Equipment and Leases, Net [Abstract]

Investment in Leases

The Company’s investment in leases consists of the following (in thousands):

		Balance December 31, 2015		Reclassifications & Additions / Dispositions		Depreciation/ Amortization Expense or Amortization of Leases		Balance September 30, 2016
Net investment in operating leases	$	3,192	$	(106)	$	(222)	$	2,864
Net investment in direct financing leases		12		(10)		(2)		-
Assets held for sale or lease, net		720		(23)		-		697
Initial direct cost - notes receivable		-		15		(1)		14
Total	$	3,924	$	(124)	$	(225)	$	3,575

Property on Operating Leases

Property on operating leases consists of the following (in thousands):

		Balance December 31, 2015		Additions		Reclassifications or Dispositions		Balance September 30, 2016
Transportation, rail	$	14,714	$	-	$	397	$	15,111
Containers		8,968		-		(1,466)		7,502
Aviation		-		-		10		10
		23,682		-		(1,059)		22,623
Less accumulated depreciation		(20,490)		(222)		953		(19,759)
Total	$	3,192	$	(222)	$	(106)	$	2,864

Components of Company's Investment in Direct Financing Leases

The following lists the components of the Company’s investment in direct financing leases as of December 31, 2015 (in thousands):

		December 31,
		2015
Total minimum lease payments receivable	$	6
Estimated residual values of leased equipment (unguaranteed)		10
Investment in direct financing leases		16
Less unearned income		(4)
Net investment in direct financing leases	$	12

Future Minimum Lease Payments Receivable

At September 30, 2016, the aggregate amounts of future lease payments receivable are as follows (in thousands):

		Operating Leases
Three months ending December 31, 2016		581
Year ending December 31, 2017		1,795
2018		1,371
2019		1,106
2020		377
2021		48
	$	5,278

Schedule of Useful Lives of Assets

The useful lives for each category of leases is reviewed at a minimum of once per quarter. As of September 30, 2016, the respective useful lives of each category of lease assets in the Company’s portfolio are as follows (in years):

Equipment category	Useful Life
Transportation, rail	35 - 40
Aviation equipment	15 - 20
Containers	15 - 20